Bank Alfalah, a leading commercial bank in Pakistan with a robust network of over 1,000 branches across 200 cities, has announced the acquisition of a 9.9% equity stake in Jingle Pay. Jingle Pay is the MENAP region’s fastest-growing fintech, specializing in cross-border money transfers and licensed by the Dubai Financial Services Authority (DFSA).
This strategic investment underscores Bank Alfalah’s commitment to accelerating digital transformation and enhancing financial inclusion across key markets. The collaboration bolsters the bank’s status as a frontrunner in digital banking while supporting Jingle Pay’s expansion within the MENAP region.
Jingle Pay, backed by prominent investors such as MoneyGram, G42-backed Applied AI, and leading US venture capital firms, has established itself as a high-growth fintech innovator. The company plans to launch its digital banking services in Pakistan by Q1 2025 through a branchless mobile banking app aimed at serving the country’s significantly unbanked population.
The partnership between Bank Alfalah and Jingle Pay promises to revolutionize cross-border financial services. By leveraging Jingle Pay’s platform and Bank Alfalah’s resources, both entities aim to redefine the digital payments landscape and provide seamless financial services to millions of users. Jingle Pay’s status as Pakistan’s fifth-largest remittance partner ensures that this collaboration will enhance global financial flows and significantly contribute to the country’s GDP.
Farooq Khan, Bank Alfalah’s group head of corporate, investment banking, and international business, expressed his enthusiasm for the partnership:
“This acquisition is a milestone in our journey to lead the digital banking revolution. By combining Jingle Pay’s innovative platform with Bank Alfalah’s resources, we aim to redefine cross-border financial services and deliver exceptional value to millions of users.”
Amir Fardghassemi, Jingle Pay’s founder and CEO, shared a similar sentiment:
“Partnering with Bank Alfalah empowers us to scale our vision of inclusive finance. Together, we aim to enrich the digital economy and create transformative cross-border financial solutions.”
This collaboration highlights Bank Alfalah’s pivotal role in the global payments ecosystem and advances its goal of driving financial inclusion in Pakistan and beyond.